Defined contribution schemes fix what goes in, not what comes out. Markets, fees and contribution levels drive the final pot. At retirement you may take a lump sum, buy an annuity, draw down under rules, or mix options, depending on the scheme and local law.
Key takeaways
- Investment and longevity risk largely sit with you, not the employer.
- Higher contributions early in your career matter more than heroic savings in the last few years.
- Fee drag compounds; low cost defaults are worth checking.
- Your statement balance is not yet a guaranteed monthly income until you convert it carefully.